Loan app traps
Fees, rollovers and apps that grab your data
The story
Kevin’s cousin, 22, needs cash for rent. A loan app gives her KES 2,000 in minutes. In 30 days she must pay back KES 2,300.
The big idea
In Kenya, digital lenders must be licensed by the Central Bank of Kenya. Licensed lenders are not allowed to shame borrowers by messaging their contacts.
Ask at home
Look at the fees on a mobile loan or Fuliza together and work out what borrowing KES 1,000 would really cost.
The full lesson, with its questions and Kesho Stars, is in the myKesho kids app.
Ready for tomorrow.
Start this week. Their first payday can be this Friday.
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